Namu AX나무AX

Namu AX is a small Korean software firm that swung to a thin profit on a trailing basis, but its shares have fallen sharply over the last three months.

Trailing twelve-month revenue is about ₩139.6B with operating income of about ₩4.9B and net income of only about ₩0.3B as of H1 2026. The 2025 annual result was a net loss of about ₩2.8B despite higher revenue, and the balance sheet carries borrowings of about ₩21.6B against cash of about ₩17.1B.

What stands out

• Revenue rose 11.9% in 2025 to about ₩102.3B, but the company still posted a net loss of about ₩2.8B that year.
• Trailing operating margin is 3.5% and net margin is 0.2%, so most operating profit did not reach net income.
• Liabilities are 132.8% of equity, and the data shows no dividend yield.
• The stock is at ₩2,615, down 31.2% over three months and 13.7% over one month, but up 87.9% over one year and well above its 52-week low of ₩1,308.
• Trailing P/E is 283.3 against a P/B of 2.2, while listed peers show much lower P/E ratios, though the data does not explain the gap.
• Foreign ownership is unchanged at 5.2% over 60 days, and 20-day flows show net foreign selling and net retail buying.

What to watch

• The next full-year and quarterly results, to see whether the trailing profit holds and whether the 2025 loss is not repeated.
• The 2026 amended annual report and the CEO change filed in July, which may bear on governance and reporting.
• Debt levels and free cash flow of about ₩10.2B relative to borrowings, given the high liabilities-to-equity ratio.